CAP AND TRADE REALLY WORKS

RGGI Cap-And-Trade Boosted State Economies: Report

Connecticut has invested energy credits in green jobs and sustainable energy. Hails program a success.
New York on the other hand has tragically squandered its credits to plug the budget deficit gap! What a waste, taking the easy way out.

RGGI Cap-And-Trade Boosted State Economies: Report

The Huffington Post Joanna Zelman Posted: 03/ 1/11 02:39 PM

Read More: Cap And Trade, Cap-And-Trade, Climate Change, Ct Rggi, Nh Rggi, Politics, Regional Greenhouse Gas Initiative, Repeal Rg, Rggi, Rggi Ct, Green News

If cap-and-trade is truly dead, the Regional Greenhouse Gas Initiative (RGGI) is desperately fighting to resuscitate it.
RGGI was formed by ten states in the Northeast and Mid-Atlantic, focused on reducing CO2 emissions through cap-and-trade programs. RGGI reported this week that state programs have already seen many economic and environmental benefits.
States are expected to sell emission allowances through auctions, and invest their proceeds in consumer benefits. Participating states are reportedly investing, on average, 80 percent of their CO2 allowance proceeds to consumer benefit and energy programs. The report's findings are based on a two-year analysis of program investments, specifically focused on energy efficiency, renewable energy, bill payment assistance, and additional programs.
Overall the report finds that state investments have created jobs, reduced energy costs, and generated high economic returns.
The states have taken different approaches to achieve their communal goal of reducing CO2 emissions from the power sector 10 percent, by 2018. For example, in Connecticut, while most proceeds from CO2 allowances are going towards expanding programs focused on efficient and renewable energy, a small portion of their proceeds are aimed at additional climate programs. Nearly 70 percent of their investments are focused on energy efficiency, with 23 percent for renewable energy, and seven percent for other programs and administration.
The Energy Conservation Management Board (ECMB) runs energy efficiency programs in Connecticut. The ECMB consists of 14 members who advise the state's three electric distribution companies on programs that are both cost-effective and energy efficient. Programs are focused on public outreach, process improvement, and workforce development.
Reports show that between 2008 and 2009, these CT programs produced $3 to $4 for every $1 invested. Nearly 2,700 jobs are directly attributed to energy efficiency, with an average employment income of $50,000 per year. ECMB's energy efficient programs also reportedly benefit low-income consumers -- through auditing, weatherization, and retrofitting programs, consumers saw an estimated $6 million dollars in annual energy savings.

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Regarding renewable energy programs in CT, the Connecticut Clean Energy Fund (CCEF) is focused on promoting clean energy sources. Last year, 14 schools and seven town buildings approved projects to install solar PV systems with CO2 allowance proceeds. RGGI estimates that these systems will produce nearly 1,500 megawatt-hours of electricity annually.
Connecticut also has a Small Business Energy Advantage Program (SBEA) focused on enabling small business owners to reduce their energy budgets. 1,900 businesses received assessments and upgrades in 2010, which saved participants over $5.8 million annually. According to RGGI, the upgrades also prevented nearly 18,000 tons of CO2 emissions per year.
The report offers the following story:

Chick's Drive-In, a landmark restaurant in West Haven, Connecticut, was just one of nearly 1,900 small businesses to benefit from SBEA in 2010. Through SBEA, the restaurant received financial incentives for the purchase and installation of more efficient lighting and refrigeration equipment. As a result, the owner Joseph "Chick" Celentano is now saving hundreds of dollars on his electricity bill each month. The eatery will save 468,000 kilowatt-hours of electricity--the equivalent of planting 56 acres of trees or saving more than 17,000 gallons of gas--over the lifetime of the new equipment.

But not everyone paints as rosy a picture as RGGI. Reports found that states such as New York and New Jersey aimed to divert green energy funds toward saving their budgets. The Sierra Club's Jeff Tittel remarks on the raid, "Unfortunately, once government discovers a new source of money, it's like a potato chip: They keep going back for more."
Just yesterday, a Fox News headline gleefully gloated, "One Giant Leap Forward - New Hampshire Smacks Down Cap-And-Trade." The op-ed highlighted New Hampshire's House of Representatives newly passed vote to repeal RGGI, with House Speaker William O'Brian claiming, "The Regional Greenhouse Gas Initiative has always been a backdoor tax increase on the citizens of New Hampshire. RGGI is a perfect example of the cost of regulation to the public. Rarely has a program been as transparent in its attempts at income redistribution."
It seems that New Hampshire's House of Representatives may reflect U.S. Republican House sentiments overall. While 10 states may be participating in cap-and-trade initiatives, recent election results make it highly unlikely that a federal cap-and-trade program will be implemented in the near future.
Overall, while many consider the recent RGGI report a success story, skeptics remain dubious. Only time will tell if the programs can sustain themselves and inspire other states to follow suit.

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Do You Know What Your Home is Worth?

Well the election is finally over and some of us are happy, others not so much. We can finally go back to what is really on our minds---"the economy stupid". Yes that is primarily what the national referendum was all about anyway. The general economy appears grim, the job outlook appears grim, the outlook for retail sales looks grim(there goes my birthday present!). And what is on the mind of must of us besides our 401k's is what is our home worth now?
As a residential appraiser in New York I can say that the east coast has not been hit as hard as other parts of the country such as California, the southwest, Las Vegas and Florida. Don't get me wrong we are in a declining market also but it is more moderate and you really have to examine the statistics for each neighborhood to see how things are going. So many times as I examine the comparable sales for a report I notice that sellers make the mistake of thinking 'my home is worth more than that' or 'my home is worth more than my neighbor who sold last month' and they stay on the market at an inflated price just to accept a lower offer a year later. With so much information available on the internet or through a local broker you would think that some of this information would be taken seriously. But with the home being such an emotional attachment that is not often the case. And what is even more heartbreaking is when someone has an adjustable rate mortgage which resets, the monthly payment goes through the roof and the home owner can no longer afford to to stay in the home. But they do sometimes stay, hoping that things will change. The only thing that changes is the value of the home in a negative direction. Then what may happen is they are in an 'upside down' position which means that the amount they owe the bank is more than the house is worth. So much of this is going on right now that you can virtually feel the pain of our fellow citizens. Going 'upside down' generally invites a short sale. A short sale is where the owner decides to sell at almost any price and hopes that the bank will accept the proceeds which are 'short' of what is actually owed. Very often the bank will accept such a sale to avoid having to foreclose on the property. But generally this is done only if the seller can prove that they cannot afford to make up the deficiency.
Most of this anguish could have been avoided if the 'upside down' home owner had not taken a mortgage they could have afforded in the beginning---even though this meant renting for a while longer. Or if the person selling a home had been realistic in pricing their home when first listed. Most unrealistic sellers eventually wind up netting less for their home. This could have been avoided by getting an unbiased third party opinion from a certified appraiser. A pre-listing appraisal lets the client know just what the home is worth at that point in time. While an appraisal report should include current market conditions and a general market trend it does not predict the future. With an appraisal in hand you can get your local Realtor to look into that misty crystal ball. Your local Realtor is right there to help analyze the market trends and tell you what to list your house for. If you live in New York, specifically Queens County(NYC) or Nassau County(Long Island) and think an appraisal of your home would be helpful you can contact me at 516-791-3846 or e-mail me at allen.bauman@gmail.com. It could save you a lot of grief and money.....i'm just sayin'.

I've included a short survey to help me find out what people are thinking about home values. I would appreciate you clicking below and participating, thanks---Allen

http://www.zoomerang.com/Survey/?p=WEB228H4B46MM3